Weatherford International (NasdaqGS:WFRD) Q4 2025 Earnings call February 04, 2026 08:30 AM ET Company ParticipantsAnuj Dhruv - Executive Vice President and CFOAti Modak - Vice President of Energy Services and E&PsDavid Anderson - Managing DirectorGirish Saligram - President and CEOJames West - Managing DirectorJosh Jayne - Managing DirectorJosh Silverstein - Managing DirectorLuke Lemoine - SVP of Corporate DevelopmentPhillip Jungwirth - Managing DirectorScott Gruber - Director of Oilfield Services and Equip ...

Scotts Miracle-Gro logo Key Points Scotts said it has paid down $1.5 billion of debt, delivered consistent free cash flow, margin and EBITDA improvement, and expects leverage to return to historical norms “in the threes” later this fiscal year. The company is investing in brands, new product innovation and e‑commerce while driving cost and supply‑chain efficiencies through automation and AI to support disciplined growth. Shareholders approved all four proposals at the AGM — electing directors, ratif ...

Financial Data and Key Metrics Changes - Brunswick finished 2025 with net sales of $5.4 billion, up 2% year-over-year, marking the first full-year net sales growth in three years [4][15] - Adjusted earnings per share (EPS) for the year was $3.27, impacted by tariff headwinds, with free cash flow generation reaching $442 million, up 56% year-over-year [4][17] - The company reported a 41% increase in Q4 earnings compared to the prior year, driven by higher sales and operational improvements [15] Business Line Data and Key Metrics Changes - The propulsion segment saw a 23% increase in sales, with double-digit growth across all product categories, driven by strong OEM orders [17][19] - The aftermarket parts and accessories (P&A) business grew sales by 15% in Q4, marking the third consecutive quarter of growth [19] - The boat segment reported an 11% sales increase, with growth across premium, core, and value categories [22] Market Data and Key Metrics Changes - The U.S. retail boat market finished 2025 down approximately 9% in units, while Brunswick's global retail unit sales were down only 5% [3][10] - Dealer inventories remained low, with a high percentage of recent model year products, supporting a favorable retail environment [4][10] - Brunswick's market share in the U.S. outboard segment remained stable at approximately 47%, with gains in higher horsepower engines [11] Company Strategy and Development Direction - Brunswick plans to continue driving operational efficiencies and is encouraged by the strong reception of new products, with a focus on ultra-high horsepower engines [23][89] - The company aims for revenue growth in 2026, projecting net sales between $5.6 billion and $5.8 billion, with adjusted operating margins between 7.5% and 8% [24] - Brunswick's strategy includes significant investments in new product development and technology, alongside returning capital to shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improved market conditions for 2026, supported by falling interest rates and strong retail demand [5][8] - The company anticipates a flat to slightly up U.S. retail boat market, with expectations for wholesale sales to closely match retail [23][24] - Management noted that tariff mitigation actions successfully offset over half of the gross dollar exposure, with expectations of further incremental tariff costs in 2026 [9][28] Other Important Information - Brunswick's liquidity at year-end was $1.3 billion, including access to an undrawn revolving credit facility [13] - The company plans to retire approximately $160 million of debt in 2026, contributing to a net debt leverage target of 2.5x or lower [29] - Brunswick received multiple awards for its products and innovations at recent trade shows, highlighting its commitment to quality and technology [31][35] Q&A Session Summary Question: What was the retail performance in the fourth quarter? - Management indicated that retail performance was flat, with continued strength in premium and core brands, which represent a significant portion of their portfolio [41] Question: What gives confidence for flat to up retail in 2026? - Management cited expected interest rate cuts and improving retail financing conditions as key factors supporting their outlook for 2026 [43][44] Question: How should we think about inventory levels for 2026? - Management expects pipeline units to be flat to slightly reduced, aiming to match wholesale and retail [46][48] Question: How is the company addressing competitive inventory levels? - Management noted solid ordering and a healthy pipeline, indicating no evidence of dealers holding back on orders [49] Question: What are the dynamics affecting retail sales and replacement rates? - Management highlighted a significant gap between new boat sales and replacement rates, suggesting a natural pull for retail sales [53] Question: How is the propulsion business performing with OEM customers? - Management reported strong performance and share gains in the propulsion segment, with new multi-year agreements with OEMs [61][62]

January 2026 DIVERSIFIED OIL & GAS PRODUCER FOCUSED ON LONG TERM VALUE CREATION www.grantierra.com GENERAL ADVISORY The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. You are encouraged to conduct your own analysis and review of Gran Tierra Energy Inc. ("Gran Tierra", "GTE", or the "Company") and of the information contained in this presentation. Without limitation, you should read the entire record of publicly filed docum ...

Summary of Muyuan Foods (002714.SZ) Conference Call Company Overview - **Company**: Muyuan Foods (002714.SZ) - **Market Cap**: Rmb259.0 billion / $37.2 billion - **Enterprise Value**: Rmb313.3 billion / $44.9 billion - **Current Price**: Rmb47.33 - **Target Price**: Rmb67.00 - **Upside Potential**: 41.6% [1][4] Key Financial Insights - **Earnings Forecast**: Recurring net profit estimates revised down by 52% for 2025E, 21% for 2026E, and 14% for 2027E due to lower domestic hog pricing [1] - **Revenue Projections**: Expected revenue growth from Rmb137.9 billion in 2024 to Rmb154.8 billion in 2027 [8] - **EBITDA**: Projected to decline from Rmb37.2 billion in 2024 to Rmb31.5 billion in 2025E, then recover to Rmb55.9 billion by 2027E [8] - **EPS**: Expected to decrease from Rmb3.27 in 2024 to Rmb2.87 in 2025E, then rise to Rmb7.80 by 2027E [8] - **Free Cash Flow**: Positive free cash flow of Rmb24.3 billion in 2024, with expectations for further improvement [4][25] Industry Dynamics - **Hog Market Outlook**: Anticipated positive supply/demand fundamentals in the domestic hog market for 2026-27E, with hog prices expected to rise to Rmb14.8-15.3/kg from Rmb13.8/kg in 2025E [2][34] - **Supply Control Measures**: Ongoing reduction of the sow herd expected to lead to a sustained supply deficit of 2% in 2026-27E [35] - **Market Share Growth**: Muyuan's hog output projected to reach 93.4 million heads by 2027E, capturing 13.7% of the domestic market [26] Competitive Advantages - **Cost Leadership**: Muyuan's total unit cost expected to decrease to Rmb12.3/kg in 2025E, significantly lower than peers [3] - **Breeding System**: Unique two-breed rotative breeding system and integrated slaughtering business to enhance breeding optimization and profit margins [3][25] - **Operational Efficiency**: Shift in strategic focus towards operational efficiency and quality improvement, reducing CAPEX intensity [25] Strategic Initiatives - **Global Expansion Plans**: Muyuan aims to expand internationally, targeting markets with high pork consumption such as Vietnam, the Philippines, and Thailand [29] - **Partnerships**: Strategic partnership with BAF Vietnam Agriculture to enhance hog farming efficiency and environmental sustainability [33] Risks and Considerations - **Market Volatility**: Potential risks associated with hog price volatility and the impact on profitability [4] - **Regulatory Environment**: Changes in government policies and regulations affecting the hog industry could impact operations [36] Conclusion - **Investment Recommendation**: Maintain Buy rating on Muyuan Foods with a revised target price of Rmb67.00, reflecting strong potential for free cash flow generation and market share growth in the hog industry [4][25]

Core Thesis - Driven Brands Holdings Inc. (DRVN) is positioned for significant upside following a strategic portfolio transformation, particularly after divesting its U.S. car wash business, which has allowed the company to focus on high-margin maintenance and repair services [2][4][5] Financial Performance - As of January 12th, DRVN's share price was $15.70, with trailing and forward P/E ratios of 114.64 and 11.25 respectively, indicating a potential undervaluation compared to peers [1] - The divestiture has simplified operations and redirected capital towards the rapidly growing Take 5 Oil Change brand, which is gaining market share in the oil change sector [3] Operational Strategy - The company’s mature franchise brands, including Meineke, Maaco, and CARSTAR, provide stable, recurring revenue from non-discretionary maintenance services, supporting growth investments [3] - The balance sheet reset has improved leverage and cash conversion, positioning DRVN for multiple re-ratings and potential asset sales that could further enhance shareholder value [4][5] Growth Potential - Roark Capital, the majority owner with a 61% stake, is motivated to realize value after a long-term hold, aligning interests towards value creation [5] - The accelerating growth of Take 5 and a more resilient portfolio mix suggest that DRVN is trading at a discount to peers, with a price target of approximately $29.50, representing over 100% upside from current levels [5]

Core Viewpoint - Silver Crown Royalties Inc. has successfully closed a non-brokered private placement with strategic investor Michael Gentile, raising approximately C$3,000,000 through the sale of 424,500 units at C$7 per unit, which will be used for specific silver royalties and general working capital [1] Group 1: Offering Details - The offering consists of 424,500 units, each comprising one common share and one warrant, with warrants allowing the purchase of additional shares at C$8.25 for three years [1] - The total proceeds from the offering are approximately C$3,000,000, aimed at advancing identified silver royalties and enhancing working capital [1] - No finder's fees or commissions were paid in connection with the offering, and the securities will be subject to a four-month hold period [1] Group 2: Strategic Investor Information - The strategic investor, Michael Gentile, did not own any common shares prior to the offering but now indirectly owns 424,500 common shares and 424,500 warrants, representing about 18.52% of the issued and outstanding common shares on a partially diluted basis [3] - The common shares acquired by the strategic investor are for investment purposes [3] Group 3: Company Overview - Silver Crown Royalties Inc. is a publicly traded silver royalty company focused on generating free cash flow and currently holds five silver royalties [6] - The company's business model provides investors with exposure to precious metals, serving as a hedge against currency devaluation while minimizing the economic burden on mining projects [6]

Financial Data and Key Metrics Changes - Fiscal 2025 recorded revenue of $1.39 billion, a 13% increase from the previous year, driven by a 7% volume growth in avocados [7][17] - Fourth quarter revenue totaled $319 million, down 10% year-over-year due to a 27% decrease in average per-unit avocado sales prices [17] - Adjusted net income for the quarter was $22.2 million, or $0.31 per diluted share, compared to $19.6 million, or $0.28 per diluted share last year [18] - Adjusted EBITDA increased 12% to a record $41.4 million compared to $36.9 million last year [19] Business Line Data and Key Metrics Changes - The marketing and distribution segment achieved 7% avocado volume growth for the full year and 13% in the fourth quarter [9][20] - International farming segment sales increased 97% to $59.7 million, with segment-adjusted EBITDA more than tripling to $8.4 million [21] - Blueberry net sales increased 16% to $36.5 million, although segment-adjusted EBITDA decreased due to lower per-unit margins [22] Market Data and Key Metrics Changes - The North American market showed stable growth, while Europe and Asia experienced significant volume growth, with European volume sold increasing by 40% [8][10] - The company's international penetration was bolstered by consistent supply from Peruvian products, allowing for deeper relationships with large retailers [10] Company Strategy and Development Direction - The company is focused on leveraging its integrated global platform to drive growth and enhance free cash flow, with a significant emphasis on international expansion [15][16] - The management transition is seen as a strategic move to capitalize on the company's strong foundation and drive future growth [3][4] - The company aims to increase household penetration of avocados from approximately 70% to 73%-75% over the next couple of years [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate pricing volatility and supply disruptions, highlighting the team's execution capabilities [9][15] - The outlook for Fiscal 2026 anticipates a 10% increase in avocado industry volumes, although pricing is expected to be lower year-over-year [24] Other Important Information - The company reduced long-term debt by approximately $18 million during Fiscal 2025, resulting in a 25% decline in interest expense [23] - Capital expenditures for the year were $51.4 million, with expectations to decrease to approximately $40 million in Fiscal 2026 [24] Q&A Session Summary Question: Outlook for mangoes and potential growth - Management indicated that the growth trajectory for mangoes will be similar to previous years, focusing on market share penetration and global sourcing initiatives [28][29] Question: Risks in achieving free cash flow growth - Management highlighted strong operating performance as the primary driver of cash flow, with a focus on maintaining flexibility in capital expenditures [30][31] Question: Capital allocation with lower CapEx - The company is prioritizing growth and exploring various opportunities to maximize shareholder value, including potential share buybacks [32][33] Question: Changes in strategy with management transition - Management confirmed that the strategic direction remains consistent, with a focus on growth and capital deployment over the next five to ten years [34][36] Question: Insights on CapEx and growth opportunities - Approximately $20 million of the upcoming $40 million CapEx is expected to be growth-oriented, with investments in both farming operations and commercial expansion [41][42] Question: Household penetration goals for avocados - Management aims to increase household penetration to 73%-75% over the next couple of years, leveraging lower pricing environments to drive consumer engagement [47][52]

Financial Data and Key Metrics Changes - Fiscal 2025 recorded revenue of $1.39 billion, a 13% increase from the previous year, driven by a 7% volume growth in avocados [7][17] - Fourth quarter revenue totaled $319 million, down 10% year-over-year due to a 27% decrease in average per-unit avocado sales prices [17] - Adjusted net income for the quarter was $22.2 million, or $0.31 per diluted share, compared to $19.6 million, or $0.28 per diluted share last year [18] - Adjusted EBITDA increased 12% to a record $41.4 million compared to $36.9 million last year [19] Business Line Data and Key Metrics Changes - Marketing & Distribution segment achieved 7% avocado volume growth for the full year and 13% in the fourth quarter [9][20] - International Farming segment saw total sales increase by 97% to $59.7 million, with segment-adjusted EBITDA more than tripling to $8.4 million [21] - Blueberry segment net sales increased 16% to $36.5 million, although segment-adjusted EBITDA decreased due to lower per-unit margins [22] Market Data and Key Metrics Changes - North American market showed stable growth, while Europe and Asia experienced significant volume growth, with European volume sold increasing by 40% [8][10] - The company capitalized on its Peruvian product leverage to enhance international penetration and build relationships with large retailers [10] Company Strategy and Development Direction - The company is focused on growth, particularly in North America and international markets, with a strong emphasis on increasing household penetration for avocados [15][46] - The leadership transition is seen as a strategic move to continue the company's growth trajectory, with a focus on organic and inorganic opportunities [36][38] - The company plans to reduce capital expenditures to approximately $40 million, marking the end of a heavy capital investment cycle [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational capabilities and the potential for significant growth in the coming years [6][15] - The outlook for fiscal 2026 anticipates a 10% increase in avocado industry volumes, although pricing is expected to be lower year-over-year [25] - Management highlighted the importance of consumer engagement and strategic promotions to drive household penetration during lower pricing environments [50][51] Other Important Information - The company reduced long-term debt by approximately $18 million during Fiscal 2025, resulting in a healthy net leverage ratio well below one times EBITDA [23] - The company is committed to enhancing free cash flow generation in the coming years, supported by a disciplined focus on debt reduction [15][24] Q&A Session Summary Question: Outlook for mangoes and potential growth - Management indicated that the growth trajectory for mangoes will be similar to previous years, focusing on market share penetration and global sourcing initiatives [28][29] Question: Risks in achieving free cash flow growth - Management emphasized strong operating performance as the primary driver of cash flow, with a target of $40 million in capital expenditures for the upcoming year [30][31] Question: Capital allocation with lower CapEx - Management stated that growth remains the priority, with flexibility to explore various options for maximizing shareholder value, including share buybacks [32][33] Question: Changes in strategy with management transition - Management reassured that the strategic direction remains consistent, focusing on growth and capital deployment for the next five to ten years [35][38] Question: Insights on household penetration goals - Management expressed a goal to increase household penetration for avocados to 73%-75% over the next couple of years, leveraging lower pricing environments to drive consumer engagement [48][51]

Core Viewpoint - Gran Tierra Energy Inc. has announced its 2026 capital budget, production guidance, and operational updates, focusing on generating free cash flow and maximizing the value of its diversified portfolio following the completion of exploration commitments in Ecuador [1][2][3]. 2026 Capital Budget and Production Guidance - The 2026 capital budget is designed to support high-return, quick-payout development projects across South America and Canada, with a production target of approximately 42,000 to 47,000 barrels of oil equivalent per day (boepd) [5][6]. - The budget includes various scenarios for Brent and WTI oil prices, with Brent projected at $55 to $75 per barrel and WTI at $51 to $71 per barrel [5]. Financial Projections - The company anticipates operating netback ranging from $245 million to $465 million, EBITDA between $220 million and $415 million, and cash flow of $130 million to $290 million, depending on the price scenarios [5]. - Free cash flow is targeted at $10 million to $140 million, with a focus on achieving $60 million to $80 million in the base case [6][5]. Debt Management - Gran Tierra plans to address the $180 million amortization of its 2029 notes due in October 2026, supported by strong liquidity and a resilient cash-generating asset base [3][6]. - The company has repurchased $20 million of its 2029 notes, reducing the outstanding balance to $718 million [6]. Operational Updates - The successful acquisition of the Perico and Espejo blocks in Ecuador is expected to enhance the company's portfolio and operational synergies, with production in Ecuador projected to reach approximately 8,500 to 9,500 bopd by the end of 2025 [4][9]. - Current corporate production is estimated at 48,000 to 49,000 boepd, with ongoing development programs in Colombia and Ecuador [4][6]. Strategic Focus - Gran Tierra is transitioning its Ecuador program from exploration to appraisal and development, aiming to maximize free cash flow while integrating recent discoveries into its growth strategy [6][8]. - The company is implementing structural cost-saving initiatives to improve operational efficiency and reduce costs across its portfolio [6].